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Thndr Claps » EGY Claps » Industrials 🏗 » Ezz Steel speaks out on EGP depreciation⤵

Ezz Steel speaks out on EGP depreciation⤵

by Shams Abbas
October 30, 2022

The Clap
Ezz Steel (ESRS) estimates the EGP’s recent depreciation to lead to EGP 2.2 billion in losses in H2-2022.

Deets
These expected losses were attributed to the company’s USD-denominated debt, which increased recently on the back of increasing import costs.

So what
Some 86% of these losses are set to be incurred by Ezz Dekheila (IRAX), Ezz Steel’s subsidiary

Now what
These expected losses would bring up Ezz Steel’s total 2022 losses to EGP 3.3 billion.

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